https://www.taxtmi.com/caselaws?id=390274 The Tribunal upheld the CIT(A)'s decision to delete the addition of unsecured loans, amounting to Rs. 1,75,00,000/-, as the AO relied on retracted statements without conducting independent inquiries or allowing cross-examination. The assessee provided evidence of the loans' genuineness, including identity, creditworthiness, and transaction details, while the AO failed to prove the cash credits as undisclosed income. Citing precedents, the Tribunal affirmed the deletion, dismissing the revenue's appeal and pronouncing the order on 05/12/2019. en-us Thu, 05 Dec 2019 00:00:00 +0530 Fri, 27 Dec 2019 09:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390274 The Tribunal upheld the CIT(A)'s decision to delete the addition of unsecured loans, amounting to Rs. 1,75,00,000/-, as the AO relied on retracted statements without conducting independent inquiries or allowing cross-examination. The assessee provided evidence of the loans' genuineness, including identity, creditworthiness, and transaction details, while the AO failed to prove the cash credits as undisclosed income. Citing precedents, the Tribunal affirmed the deletion, dismissing the revenue's appeal and pronouncing the order on 05/12/2019. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390274